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Truthset, a San Francisco-based data validation software platform, has raised $5 million in Series A funding, Axios has learned.

Why it matters: The funding underscores the demand for data-driven advertising. 

How it works: Truthset measures the accuracy of consumer data. The startup created the Truthset Data Collective, partnering with 22 data companies such as TransUnion, Experian and Epsilon to help them and the larger industry evaluate data. It offers a free version of its tools and paid tiers.  

Truthset's clients include data companies along with brands like Heineken, publishers like Paramount and TelevisaUnivision, marketplaces, platforms and measurement companies. 

CEO Scott McKinley says he founded Truthset in 2019 after witnessing the increasingly important role of data in advertising within the shift of all media to digital. He has worked in the advertising and marketing tech industry since 1996 and spent seven years at Nielsen. 

Zoom in: Data Point Capital led the Series A round. Other participants were not named.

Truthset had raised $3.25 million in equity financing and $1.25 million in debt financing in 2019. Between that and this round, the startup raised some bridge rounds and convertible notes.

Zoom out: The growth of digital advertising has made quality data increasingly important to brands and publishers. 

Whereas some platforms have a strong understanding of identity with first-party data, the open web and programmatic ad systems are plagued with inaccuracies. 

What's next: McKinley says the funds will be used for hiring and product development. This year, Truthset plans to formally launch data ratings, classifying data in tiered tranches.

He says his greater vision is to serve more than just the ad industry and check data quality for financial tech and health tech companies.

🚲 Fun fact: McKinley formerly was an Olympic cyclist and came in second to Lance Armstrong in the 1993 U.S. Professional Road Championships. He captained the 1988 U.S. Olympic Cycling Team in Seoul, Korea.

Exclusive: Data validation software Truthset raises $5M

The platform aims to eliminate wasted ad spend.

Illustration of a dollar bill being broken up into binary code

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Truthset, a San Francisco-based data validation software platform, has raised $5 million in Series A funding, Axios has learned.Why it matters: The funding underscores the demand for data-driven advertising.

Exclusive: Data validation software Truthset raises $5M

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